QUESTION 47

1. A net short-term capital loss first offsets any 28% net long-term capital gain before it offsets either 25% net long-term capital gain or 0%/15%/20% net long-term capital gain.

   True

   False

QUESTION 48

1. Upon the recommendation of a physician, Ed has a swimming pool installed at his residence because of a heart condition. If he is allowed to deduct all or part of the cost of the pool, Eds increase in utility bills due to the operation of the pool qualifies as a medical expense.

   True

   False